WASHINGTON — President Obama on Monday warned Republicans against refusing to raise the nation’s debt ceiling, calling such talk “irresponsible” and “absurd” and saying it would set off an economic crisis and financial hardship.
“They will not collect a ransom in exchange for not crashing the American economy,” Mr. Obama said during his final news conference of his first term in office. “The full faith and credit of the United States of America is not a bargaining chip.”
The president repeated his vow to seek what he called a “balanced” approach to reduce the nation’s deficit during the months ahead. But he said he would not negotiate on the debt ceiling, and he said Republicans in Congress would be responsible for the effects of a refusal to raise it.
“It would be a self-inflicted wound on the economy,” Mr. Obama said. “It would slow down our growth and tip us into recession. To even entertain the idea of this happening is irresponsible. It’s absurd.”
He added: “America cannot afford another debate with this Congress about whether or not they should pay the bills they’ve already racked up.”
h/t New York Times